The outbreak of the deadly virus (COVID-19) in 2020 has forced people to quarantine and work from their homes. The continuous rise in the number of infections is not only harming human life but businesses are also getting affected badly. The current situation is overpowering the business leaders to change the working models to protect industries’ values.
But to discover the right method which aligns with your business culture and employee needs, you need to move forward. As a business leader, understand your responsibilities and come with a solid plan to conduct a smooth workflow. We all know companies wouldn’t enjoy any significant measure of success without highly effective leadership. Powerful leadership is, in fact, always a major driver of business creation, advancement, and growth.
In the report of Statista, it has found that:
- 72% of the world’s startups saw their revenue fall since the start of the crisis.
- 40% of all startups experienced a fall in revenue.
- 12% of startups recorded significant growth.
Now the biggest challenge that confronting every business leader is ‘what next?’ I mean.
- How to manage traditionally implanted industries?
- What activities they should attain to rotate their current company trajectory?
- What marketing campaigns should companies engage in?
Also Read: How to Cut Business Cost After COVID-19 Pandemic?
Here in this blog, I have discussed 5 best approaches business leaders should imply to make their company working proficiently in this situation.
5 Ultimate Changes Business Leaders Should Adopt for Going Forward
1. Adopting the Zero-Based Budgeting Plan
While it might be simple to accept that you require to make changes to your business plans, the truth is, it is hard to evaluate what should stand at the tip of the priority list. Likewise, several organizations are hurrying to expand their business, they might be neglecting processes for acquiring a more effective net benefit. It’s essential to understand that increases in the sales don’t generally prompt expanded benefits. However, decreasing costs will consistently prompt a stronger bottom line.
When we have talked about expenses, setting the budget is the first priority. It is built by considering what is required for the upcoming period, instead of whether each budget is increased or lower than the previous one. Perhaps the best system for evaluating your present operational expense openings is through the joining of a “zero-based budgeting plan”.
It is the best way to implement the budgeting process. In these particular functional regions of the organization, the overall costs are first grouped and then scaled against previous results and current expectations.
Zero-based planning enables you to eliminate all operational expenses and afterward include them back with a more significant eye on explanation. This cycle can help business leaders decide spending costs that must proceed for baseline activity of the business and costs that can be negated until there is extra income or re-examined altogether.
2. Alternating the Changes in Pay Structures
The financial effect of COVID-19 is being felt over the whole economy and market rates for compensation will change quickly as the downturn keeps on unfolding. Actualizing or changing current payment structures can help improve pay across gatherings and make it simpler to figure out where modifications are required. As salary is frequently the single greatest cost-cutting option most organizations have on their benefit and loss.
While suggesting the topic of alternative payment structures can without a doubt be a touchy point with workers, it is one that ought to be considered genuinely important to them. Pay structures guarantee that the compensation levels for your organization’s activity are externally competitive and internally fair.
The market estimating examinations, making it simpler to assess your payment across workers and stay up with the latest pay programs inside and outside your business change because of the COVID-19 pandemic.
No single sort of payment structure will fit each business need, and in certain organizations, various structures will be important to effectively oversee pay for all positions. Regardless of whether you’re new to building pay structures or simply attempting to improve your current one, payment structure needs important attention.
3. Overcoming Real estate Assets
Reducing renting trouble for land and related expenses for the workforce might be another, critical cost to consider. After numerous workforce sections were moved to remote work culture. It is the most important aspect of going remote to cover the entire process smooth as well to keep a healthy environment.
The most crucial approach to diminish land costs is to eliminate space. The reduction of cost in real estate can bring about a rise in the economical aspect of any business. A study led in May 2020 for CNBC and Survey Monkey representatives demonstrated that employees have a great degree of satisfaction while working remotely. Indeed, for some small businesses, remote working is helping in increasing the production capacity.
Following the benefits of remote work culture, you too can put this alternative in front of your employees and let them decide whether permanent remote working is acceptable or not. If they get agree on working remotely, it may open up some new alternatives to financially profit your business.
4. More Grants and Resources
The COVID-19 emergency has acquired a change in startup venture designs. Investment firms are moving their concentration from tech-driven new companies to the ones working in parts, for example, FMCG, online food item delivery, home entertainment and so ahead.
Aside from that, new companies in EdTech, FinTech, and cybersecurity are seeing an expanding client request, which is attracting economic experts. Additionally, the government itself is offering Indian new businesses $130K to build up an encoded video conferencing arrangement.
The Small Business Administration (SBA) government is offering programs like the Payment Protection Program (PP) and the Economic Disaster Relief Loans (EIDL) program. These programs have helped many entrepreneurs or small business holders to balance the loss because of COVID-19. It ought to know that numerous different paths of budgetary help exist, and maybe interestingly suitable for your community.
Many states have put aside concedes trying to lighten the nearby economies. For instance, Prosper Portland is a territorial association subsidized by awards and nearby duty increase obligation, with the particular objective of encouraging financial thriving locally. The organization had donated more than $15 million in awards for startups, of which in excess of 200 organizations gave upwards of $10,000 in the underlying subsidizing round.
5. Automating the Business Processes to Increase the Efficiency
It is great! many people quickly accept that automating work processes of various cycles will assist them with sparing time. It denotes well when you consider that automating permits individuals to finish their work a lot quicker. However, that is not all processes have to bring to the automation.
It signifies well with the statement “time is cash”. On the other hand, it saves time, your organization can easily save some sort of money. That is the reason most business leaders apply it to assure their organization to put effective resources. The works process of the board frameworks is done easily.
In addition to saving time, automation gives the chance to spend those time doing other tasks. Also, it decreases the chance of mistakes and empowers your exceptionally skilled experts to concentrate their valuable hours on high-priority tasks to keep your business running and growing.
In the current situation, automation is mainly done to speed-up the operations. These tools are used to analyze the complete ongoing training and compliance tracking using different online applications. It allows real-time updates and on-demand progress reports of your employees and the operational structure of your organization.
There are numerous tools to have up-to-date with the workforce status such as
- Google Analytics
Do You Know How Human Resource Can Drive Profit in Your Business?
With these changes keeping in mind, we have looked at how business leaders can reimagine and re-establish itself after the COVID-19 crisis. Considering these following opportunities, you can definitely accelerate the economic transition and go forward. Hope the above points discussed in this blog will help you in consequently improving your company’s results.